Decades ago, before Yanis Varoufakis became the rock-star finance minister of Greece, he and I developed some game-theoretic models of macroeconomics. The gist of the work was this: for monetary authorities…

How much longer will both flags fly over the Acropolis?
ReutersJanuary 9, 2015

For faithful followers of the European economy, it feels like déjà vu all over again. Turmoil in Greece is raising doubts about the country’s continued membership in the eurozone. The specter of a “Grexit…

The nightmare for Cyprus started in March 2013. The country’s banking sector faced a sudden squeeze. The two biggest players – Bank of Cyprus and Marfin Laiki Bank – were in danger of a collapse which…